Bank of France Governor Warns on Bitcoin Risks

Bank of France Governor believes Bitcoin is not an actual currency, warns that investors are on their own.

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Bank of France Governor Francois Villeroy de Galhau has issued a warning on the high risks of investing in Bitcoin. He claimed that Bitcoin is a “speculative” asset and is neither a currency nor a digital currency.

Speaking at an event in China, Villeroy said that Bitcoin’s value and extreme volatility have no economic basis and those who invest in it do so entirely at their own risks.

"Its value and extreme volatility have no economic basis, and they are nobody's responsibility. The central bank warned that those buying Bitcoin "do so entirely at their own risk."

Other warnings over Bitcoin

De Galhau’s pronouncement reflected that of European Central Bank vice president Vitor Constancio, who earlier said that the investors who purchase Bitcoin at its current staggering prices are putting their money at a very high risk.

"Investors are taking that risk of buying at such high prices."

Several well-known personalities in the world of finance have also issued their warnings due to the continuous upward trajectory of Bitcoin’s price. Among them is billionaire investor Carl Icahn, who claimed that Bitcoin is a bubble and that he does not know why it is very popular.

"I got to tell you honestly, I don't understand it ... I just don't get it. I just stay out of something if I don't understand it."